M&A - DELAWARE GROUP STATE TAX-FREE INCOME TRUST

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Form Type: 497K

Filing Date: 2025-04-21

Corporate Action: Acquisition

Type: Update

Accession Number: 000113743925000375

Filing Summary: On April 21, 2025, Macquarie Group Limited announced an agreement for Nomura Holding America Inc. to acquire the US and European public investments asset management business of Macquarie Asset Management. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close by the end of October 2025. This acquisition will lead to the automatic termination of each Fund's investment advisory agreement with Delaware Management Company. Subsequently, the Board of Trustees will need to approve a new investment advisory agreement which, if approved, will be presented to Fund shareholders.

Additional details:

Investment Advisory Agreement Termination: automatic termination of each Fund’s investment advisory agreement with DMC

Closing Conditions: subject to customary closing conditions, including regulatory approvals

Expected Closing Date: by the end of October 2025

New Agreement Approval Process: new investment advisory agreement and sub-advisory agreement(s) will be presented to shareholders for approval

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